Saras core profit slumps in Q2 on lower energy prices, heat slow-downs (updated)

Saras SpA

31/07/2023 17:25

(Adds detail on heatwave, share move)
       July 31 (Reuters) - Italian refiner Saras  SRS.MI  said
on Monday its core profit fell in the second quarter of the year
as petrol and energy prices dropped, while a heatwave in the
Mediterranean region forced some refineries to stop or slow
production.
    The group said its comparable earnings before interest,
taxes, depreciation and amortisation (EBITDA) were down by 94%
to 27.1 million euros ($29.9 million) in the April-June period,
from 458.6 millions a year ago.
    During an unprecedented heatwave in southern Europe and the
Mediterranean region, some of Saras' plants had to "go slower
because all the machinery emissions cannot run at the same
pace", deputy Chief Executive and General Manager Franco Balsamo
told analysts.
    "We need to be prepared in the forthcoming years if (such
events) come again," he said.
    Saras confirmed its 2023 guidance on average premium to the
Energy Market Consultants (EMC) Reference Margin of between $5-6
per barrel.
    The Milan-listed stock fell as much as 6% following the
release, but was up 0.6% to 1.3 euros at Monday's close.

($1 = 0.9068 euros)

 (Reporting by Alessandro Parodi, editing by Federico Maccioni)
 ((Alessandro.Parodi@thomsonreuters.com;))